Yesterday, the price of gold ranged in a narrow channel between $1,272/ounce and $1,282/ounce. We can see, the price has remained high as fears over the global outlook loomed. Yesterday in the evening, International Money Fund decided to further downgrade the economic outlook which is a second time in just three months. Drop in oil prices, worries over crisis in Russia and over deflation in Europe cut the forecast to just 3.5% of a global growth in 2015. The price of the yellow metal may stay high before the Thursday’s European Central Bank meeting. The movement is sideways. The support is found at 1,255 and resistance at 1,282.
January 20, 2015 – Commodities News
Yesterday, the price of gold ranged in a narrow channel between $1,272/ounce and $1,282/ounce. We can see, the price has remained high as fears over the global outlook loomed. Yesterday in the evening, International Money Fund decided to further downgrade the economic outlook which is a second time in just three months. Drop in oil prices, worries over crisis in Russia and over deflation in Europe cut the forecast to just 3.5% of a global growth in 2015. The price of the yellow metal may stay high before the Thursday’s European Central Bank meeting. The movement is sideways. The support is found at 1,255 and resistance at 1,282.
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